TRUST Re's 2016 results show a profitable performance despite the difficult market conditions

3 April 2017 — Daniela GHETU
trustre_90TRUST Re achieved in 2016 Gross Written Premium of USD 481.7 million, compared to USD 475.9 million in the equivalent period twelve months ago. The Group's profits reached USD 18.8 million at the end of the fourth quarter (2015: USD 30.8 million).

Commenting on the full year results for 2016, Group Chief Executive Officer & Director, Fadi AbuNahl, said "Despite prevailing soft market conditions and the ever present threat of emerging risks, we were able to report a profitable performance for 2016, due to the resilience of our business model. We look forward to another successful year in 2017, with the continued support of our valued business partners".

The significant difference compared to the prior year period is attributed to a higher investment income, a major proportion of which was driven by a one-off gain on sale of shares.

The Group's combined ratio was of 95.1% (2015: 94.0%). Net underwriting profit achieved (USD 13.0 million) dropped slightly from 2015 as a result of continued pressure on reinsurance rates. Total equity rose by 13.4% to USD 487.3 million (2015: USD 429.6 million).

Notes to editors:

TRUST Re is a reinsurance company based in the Kingdom of Bahrain with branches in Malaysia and Cyprus, as well as a representative office in Morocco and a Liaison Office in India. With authorised capital of USD 500 million and issued and paid up capital of USD 250 million, TRUST Re earned its recognition as a solid and reliable security through its long term professional commitment to the Insurance & Reinsurance Industry. It is classified as a highly reliable security (S&P: A- and A.M. Best: A-), and writes both life and non-life business on a Facultative & Treaty basis with a wide scope of geographical operation that includes: Africa, Asia, Russia, CIS countries and the Middle East and North Africa (MENA) Region. TRUST Re has a fully-owned subsidiary, Afro-Asian Assistance, which provides Travel Assistance and Personal Accident products.

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